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Will the business tax deadline be extended in 2022?

The IRS has not extended the filing deadline for business tax returns in 2022. The deadline for S-Corporations and Partnership to file returns or extensions is March 15, 2022. Because of the Emancipation Day holiday in the District of Columbia, the tax filing due date for C-Corporations this year is April 18, 2022, instead of April 15th. Sole proprietors filing a Schedule C on their personal tax returns will also have until April 18, 2022 to file returns or extensions. Sole proprietors in Maine or Massachusetts have until April 19, 2022 to file their tax returns or extensions because of the Patriots’ Day holiday in those two states.

What is the extended tax return deadline for businesses hurt by the severe winter storms in Tennessee, Illinois and Kentucky?

While most businesses did not get a tax filing extension in 2022, some small business owners were granted an extension of time to file and pay due to the severe winter storms that impacted certain counties in Tennessee, Illinois and Kentucky this winter. Covered business owners now have until May 16, 2022 to file their 2021 tax returns, including returns that were originally due on March 15, 2022 or April 18, 2022. The IRS has also stated that they will work with any business located outside of the disaster area whose tax records were located in the affected area. If you are a qualifying business located outside of the disaster area, you will need to contact the IRS at 866-562-5227 to receive an extension to May 16, 2022.

What is the extended tax return deadline for businesses impacted by the winter wildfires in Colorado?

Businesses located in any of the counties designated by FEMA as being impacted by the winter wildfires that occurred in Colorado this winter will receive an automatic extension of their 2021 tax filing obligations until May 16, 2022. Businesses that are located outside of the area impacted by the winter wildfires but whose tax records are located in the impacted area can contact the IRS to request case-specific relief.

How do businesses not covered by the winter storms or winter wildfire tax extension file for regular tax extensions?

If your business is not covered by the IRS tax filing extension related to the winter storms in Tennessee, Illinois and Kentucky or the winter wildfire in Colorado, you can still get a six-month extension of time to file your return. If your tax return due date was March 15, 2022, an extension will give you until September 15, 2022. Those with April 18, 2022 due dates can have until October 17, 2022 to file their 2021 year-end income tax returns. If you are a sole proprietor, and you file an extension timely, you will have until October 17, 2022 to file your return.

To obtain an extension of time to file, visit the IRS website to locate and download the appropriate form for your business and filing type. You can also file an extension request electronically when paying part or all of your estimated taxes using the IRS Direct Pay, Electronic Federal Tax Payment System (EFTPS), or when making payments to the IRS using a credit or debit card.

Understand that an extension of time to file is limited to the return filing obligation. The IRS still expects you to pay any taxes owed by the original filing due date (March 15th or April 18th, depending on your business entity structure). Failing to pay your expected tax obligation by these dates can result in penalties and accrued interest on any unpaid amounts.

Taking a proactive approach to your small business tax filing and payment obligations can help ensure you don’t incur tax penalties or make unnecessary interest payments. Working with a tax attorney or accounting professional can provide peace of mind. If you have questions about tax filing requirements for your small business or want help understanding tax filing extensions, reach out to a Rocket Lawyer On Call® attorney for affordable legal advice.

This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.

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